The restocking of Tassal Group Ltd.’s ASX: TGR franklin lease in Macquarie Harbour is approved by the Tasmanian Environment Protection Authority. The lease area of franklin is the largest of Tassal’s three leases area in Macquarie Harbour. Pursuant to the new joint venture between Petuna and Tassal in Macquarie Harbour, the franklin lease is still owned by Tassal, and Petuna will manage day to day farming operations on the lease that the EPA has decided as acceptable to restock. This has been fallowed for the past 14 months and the move demonstrates a level of compliance from an environmental perspective.
Petuna and Tassal have jointly developed a stocking plan that staggers the placement of salmon across lease areas in Macquarie Harbour, through this joint venture allowing for longer fallowing periods between production cycles. Supporting a sustainable future for salmon farming in Macquarie Harbour, the new management model under the joint venture is now expected to deliver significantly improved animal welfare, biosecurity and environmental outcomes in the long term.
The stock traded at a market price of $4.21 before market close on July 17, 2018; and the stock has seen a performance change or a rise of 10.21% over the past 12 months. The annual dividend yield is 3.68%, fully franked.
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